China posted its slowest growth in fixed-asset investment in nearly 18 years along with weaker-than-expected industrial output and retail sales, suggesting the world’s number two economy may be starting to lose steam as higher funding costs bite.

MSCI’s emerging market stocks index pulled back from the one-year high hit in the previous session to trade flat. Bourses across Asia painted a mixed picture with China mainland stocks and Hong Kong down 0.4 percent in the wake of China’s rare data miss.

Bourses in Russia, South Africa and Turkey all eased 0.4 percent. However, the losses were offset by heavyweight South Korea ending the day up 0.7 percent at a three week high after tech giant Samsung Electronics jumped 1.4 percent.

Some currencies also suffered as investors reflected on economic strength across emerging markets. Growth not being able to kick on further now posed a greater threat to assets than abating inflation trends, UBS wrote in a note to clients. “Much improved trade has been a big support for EM, but for growth momentum to pick-up one would need to see trade infect the credit cycle and investment, as it historically has,” said UBS strategist Bhanu Baweja.

Ukraine is also due to publish its interest rate decision, with policy makers expected to hold rates later on Thursday in the face of higher-than-expected inflation.

In other news, Saudi Arabia is preparing contingency plans for a possible delay to the planned initial public share offering of Saudi Aramco by a few months into 2019, according to a report by Bloomberg.

Saudi authorities are aiming to list up to 5 percent of the world’s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.